This bill reduces the required aggregate market value of voting and non-voting common equity shares for an issuer of securities to qualify as a well-known seasoned issuer. A well-known seasoned issuer is allowed to make expedited public offerings of securities through automatic shelf registrations.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4430 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 4430
To lower the aggregate market value of voting and non-voting common
equity necessary for an issuer to qualify as a well-known seasoned
issuer.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 16, 2025
Mr. Steil introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To lower the aggregate market value of voting and non-voting common
equity necessary for an issuer to qualify as a well-known seasoned
issuer.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. DEFINITION OF WELL-KNOWN SEASONED ISSUER.
For purposes of the Federal securities laws, and regulations issued
thereunder, an issuer shall be a ``well-known seasoned issuer'' if--
(1) the aggregate market value of the voting and non-voting
common equity held by non-affiliates of the issuer is
$75,000,000 or more (as determined under Form S-3 general
instruction I.B.1. as in effect on the date of enactment of
this Act); and
(2) the issuer otherwise satisfies the requirements of the
definition of ``well-known seasoned issuer'' contained in
section 230.405 of title 17, Code of Federal Regulations (as in
effect on the date of enactment of this Act) without reference
to any requirement in such definition relating to minimum
worldwide market value of outstanding voting and non-voting
common equity held by non-affiliates.
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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 2.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-247.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-247.
Placed on the Union Calendar, Calendar No. 204.
Mr. Davidson moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H4952-4953)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4430.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4952)
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On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4952)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.